“Bernanke has in secret spent hundreds of billions of dollars bailing out one group and not bailing out another group. I don’t see anybody in the news media demanding the kind of transparency at the Fed that you would demand of every other aspect of the federal government. And I think it is corrupt and it is wrong for one man to have that kind of secret power.” (Emphasis added)
As discussed on this site many times is the notion of separation of powers. Actually we think that it alone is perhaps the biggest difference between our governing principles and the rest of the worlds’. However, what Gingrich is alluding to with his comments is that there is one sector of government that has literally gone unchecked, unaudited, and not held responsible or accountable for anything that it does.
Once upon a time a candidate running for the Office of President promised – as did others before him – that his administration would run a totally transparent government. We’ve got nothing to hide so we will show you everything. Many programs were set up to endorse this totally clear government operation.
We’d ask the question, but it is already answered for us: Investments are down, economy very, very sluggish, high unemployment, and an “…inactive federal government…”
Based upon these descriptors above would you be a little skeptical about the Federal Reserve? How about in lieu of its audit that shows at least 16 trillion dollars spent primarily overseas for as little as 0 percent interest.
Think of the costs associated with transparency; websites galore and of course everyone would be able to see a bill at least 5 days before either chamber voted on it. Notwithstanding within the first month of that administration they failed, again like all of the others who came before them.
Gingrich’s call was ardently endorsed by Congressman Ron Paul, who has been manning the barricades of the Republican war against the Fed for years.
When you have conservative Republican stalwarts like Jim DeMint (R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left.